Economy

No proposal to re-introduce ₹1,000 notes: FinMin

A man shows the newly-released Rs. 200 and Rs. 50 bank notes outside the RBI in Chennai.

A man shows the newly-released Rs. 200 and Rs. 50 bank notes outside the RBI in Chennai.   | Photo Credit: M. Prabhu

Within days of introducing new ₹200 notes, the finance ministry on Tuesday ruled out re- introduction of ₹1,000 currency bills that were scrapped as part of the demonetisation move last November.

“There is no proposal to reintroduce 1,000 rupee note” said Economic Affairs Secretary Subhash Chandra Garg in a tweet.

The statement comes amid reports that the government may re-introduce ₹1,000 notes.

The government had announced the withdrawal of old ₹500 and ₹1,000 currency notes on November 8, 2016, with an aim to check black money, counterfeit notes and terror financing.

The Reserve Bank on August 25 had launched a bright yellow ₹ 200 notes to ease pressure on lower-denomination currency bills and also fill the “missing link” between ₹100 and ₹500 currency.

Post-demonetisation on November 9 last year, the Reserve Bank had introduced ₹2,000 notes and also issued new ₹500 bills with additional security features. Besides, ₹ 50 currency bills with new look was also introduced earlier this month.

Last week, Finance Minister Arun Jaitley had said that the government was not considering banning ₹2,000 notes.

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Printable version | Aug 13, 2020 8:46:40 PM | https://www.thehindu.com/business/Economy/no-proposal-to-re-introduce-1000-notes-finmin/article19581350.ece

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